Conventional economists lean on the comfortable precision of mathematical abstraction and ignore the messy complexity of the real world. This work tells a big-picture story about the differences in the standard of living across time and across borders.
America's health care troubles largely stem from a great success: modern medicine can do much more today than in the past. So what's the trouble? How to pay for it. In easily comprehensible prose, MIT-trained economist Arnold Kling explains better ways of financing health care for the poor, workers, the disabled, and the elderly. Kling predicts relying less on government and more on private savings would improve health outcomes. A must-read for health care reformers.
In Unchecked and Unbalanced, Arnold Kling provides a blueprint for those who are skeptical of political and financial elitism. At the heart of Kling's argument is the growing discrepancy between two phenomena: knowledge is becoming more diffuse, while political power is becoming more concentrated. Kling sees this knowledge/power discrepancy at the heart of the financial crisis of 2008. Financial industry executives and regulatory officials lacked the ability to fathom the complexity of the system that had emerged. And, in response, Treasury Secretary Henry Paulson and Federal Reserve Board Chairman Ben Bernanke, said that they required still more power, including $700 billion to purchase "toxic assets" from banks. Kling warns that increased concentration of power is a problem, not a panacea, for our modern world and suggests reforms designed to curb the growth of government and allow citizens greater control over the allocation of public goods. Published in cooperation with the Hoover Institution
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